Exness Review
8 Best Forex Brokers that Accept M-Pesa in Botswana
The 8 Best Forex Brokers Accepting M-PESA in Botswana revealed. We tested the best forex brokers that accept M-PESA for Botswanan Traders.
This is a complete guide to forex brokers accepting M-PESA in Botswana.
In this in-depth guide you’ll learn:
- What is M-PESA?
- Which forex traders offer the best trading platforms for Botswanan traders?
- Which brokers accepting M-PESA are best for beginner traders?
- Which brokers offer a sign-up bonus for first-time traders in Botswana?
- Which brokers offer a low minimum deposit of $5 (67 BWP) to start trading?
- Which trading platforms offer a mobile app on IOS and Android for Botswana Traders?
And lots more…
So if you’re ready to go “all in” with the best-tested forex brokers accepting M-PESA…
Let’s dive right in…
- Lesche Duvenage
Best Forex Brokers that Accept M-Pesa in Botswana
| 🏅 Forex Broker | 👉 Open Account | ✔️ Accepting M-PESA? | 💰 Minimum Deposit? | 💸 Botswana Shilling (BWP) Deposits Allowed? |
| 1. Exness | 👉 Open Account | Yes | $10 / 134 BWP | Yes |
| 2. Pepperstone | 👉 Open Account | Yes | $0 / 0 BWP | No |
| 3. HFM | 👉 Open Account | Yes | $0 / 0 BWP | No |
| 4. CM Markets | 👉 Open Account | Yes | $100 / 1 342 BWP | No |
| 5. FXTM | 👉 Open Account | Yes | $10 / 134 BWP | No |
| 6. XM | 👉 Open Account | Yes | USD 5 / 67 BWP | No |
| 7. SuperForex | 👉 Open Account
| Yes | USD 1 / 13 BWP | No |
| 8. LiteFinance | 👉 Open Account | Yes | USD 50 / 669 BWP | No |
10 Best Forex Brokers in Botswana for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
What is M-Pesa, and How Does it Work?
M-Pesa is an electronic mobile money service that enables you to send, receive, and keep funds on your mobile phone. With an M-Pesa account, it is possible to transfer funds and purchase goods and services.
Additionally, you can withdraw cash by visiting an agent (usually a corner store) or transfer it to others using your mobile device. This makes handling money and making payments fast, secure, and easy.
➡️ M-Pesa is one of the creative instruments developed in East Africa via a partnership between the telecoms and banking industries.
➡️ It was introduced in Kenya and is now used in ten countries, including South Africa, Botswana, Nigeria, India, Romania, and others.
➡️ Financial services and products, such as M-Pesa, are now inexpensively accessible because of advancements in the financial sector’s technology.
➡️ M-Pesa enables unbanked individuals to pay for and receive products and services using a mobile phone rather than a traditional bank.
M-Pesa is a virtual banking system (mobile money service) that provides transaction services through SIM cards on mobile phones.
The SIM card is placed into the mobile device’s card slot. Users will receive and save funds, make payments, and send money to retailers and family members through SMS.
It is especially beneficial for people who lack bank accounts and reside in distant rural regions. This is because they have access to the various M-Pesa locations around the nation.
Money that must be saved is provided to the kiosk attendant, who transfers it digitally to the customer’s M-Pesa account, which resides on their mobile phone.
8 Best Forex Brokers that Accept M-Pesa in Botswana
- ✔️ Exness – Overall, Top Regulated Broker in Botswana
- ✔️ Pepperstone – MPesa Accepting Forex Broker with Raw Spreads
- ✔️ HFM – Low cost forex broker that accepts MPesa
- CM Trading – User-Friendly Forex Broker for Beginner Traders
- FXTM– Top MetaTrader 4 Platform/MT4 in Botswana
- XM – Zero Commission MPesa accepting Broker
- SuperForex – Simple Trading Process for Beginner Traders
- LiteFinance – Best Forex Broker Accepting M-PESA in Botswana
1. Exness
Overview
Exness has been operating since 2008 and is governed by several Tier-1 and Tier-2 Regulators. As a result, Exness offers variable spreads dependent on the account type, with typical spreads from 0.0 pips on major instruments such as EUR/USD.
Exness enables trading on MT5 and MT4 platforms as an exclusive MetaTrader broker. As with numerous other brokers, trade executions are almost quick, and there are no fees for withdrawals and deposits.
Exness is a well-known worldwide broker that offers nine distinct trading accounts, including one of the industry’s cheapest Cent Accounts. In addition, Exness has licenses from a variety of regulatory bodies throughout the globe.
Overall Rating
- 4.9/5
Min Deposit
$10 / 134 BWP
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Second, it offers negative balance protection for all customers, meaning traders cannot lose more than their original investment. Lastly, it is routinely audited by Deloitte, one of the most recognized auditing organizations in the world.
Botswanans will be delighted by the variety of deposit and withdrawal options offered by Exness. Additionally, deposits and withdrawals are rapid and fee-free, making funding your account (and withdrawing funds) far less expensive and simpler than with many other brokers.
Per Anti-Money Laundering standards, Exness prohibits deposits and withdrawals to/from third-party accounts, and any non-profit monies are returned to the source of deposit.
Features
| Feature | Information |
| 📈 Account Base Currencies | AED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Botswanan Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | No |
| 📊 Account Types | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📈 Leverage | Unlimited |
| 📊 Micro Account Offered? | No |
| 📈 Trading Tools | Analytical tools, Trading calculators, currency converter, tick history, economic calendar |
| 💻 Educational Material | None |
| 👥 Botswanan-Based Customer Support | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| The broker has a global presence and has authorization and regulation with market regulators around the globe | There is a limited selection of tradable instruments and only a few asset classes |
| Offers instant withdrawals and deposits | There are only a few funding options offered |
| Botswanan traders have a choice between several dynamic account types | |
| Client fund safety is guaranteed and there is investor protection offered | |
| Offers 24/7 customer support that is both prompt and helpful | |
| There are tight and variable spreads offered with competitive commissions |
2. Pepperstone
Overview
Pepperstone was established in 2010 in Australia and is famous worldwide for its low trading prices and various trading platforms.
Pepperstone is one of the leading trading brokers in the world, offering traders access to trade across all markets through user-friendly platforms powered by innovative technology, low fees, low latency, high-speed execution, and exemplary customer support.
Pepperstone has a reputation for treating its customers honestly and possesses licenses from several of the world’s finest regulators.
Overall Rating
- 4.9/5
Min Deposit
0 USD / 0 BWP
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradeView
Crypto
Yes (Not available in Africa)
Total Pairs
60+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
It also offers negative balance protection for all customers, meaning traders cannot lose more than their original investment.
Pepperstone normally does not impose fees for deposits or withdrawals. However, it lacks openness on financing mechanisms and associated fees. And Botswanan merchants will be dismayed by the fact that all BWP deposits and withdrawals incur conversion costs.
As a broker that adheres to all Anti-Money Laundering standards and regulations, Pepperstone returns all non-profit withdrawals to the original deposit source.
Features
| Account Feature | Value |
| 💰 Minimum Deposit | $0 / 0 BWP |
| 💻 Minimum Trading Size | 0.01 lots |
| 📈 Maximum Trading Size | 100 lots in a single trade |
| 💵 Base Account Currency | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD |
| ✅ Trading Strategies Supported | All including scalping, hedging, and Expert Advisors (EAs) |
| 🗞 News Trading Offered? | Yes |
| ➡️ Trade Execution | No-Dealing Desk (NDD) |
| 📊 Average EUR/USD Spread | From 0.6 pips |
| 💸 Commissions | None |
| 🔃 Rollover Swaps | Yes, according to the market rates |
| ⬆️ Maximum Leverage per region | • Australia – 1:30 • Bahamas – 1:200 • Cyprus – 1:30 • Dubai – 1:30 • Germany – 1:30 • Botswana – 1:400 • United Kingdom – 1:30 |
| ❌ Negative Balance Protection Offered | Yes, only for retail clients |
| ✅ Margin Close-Out (%) | 50% |
| 🔨 Trading Instruments offered | 1,200+ |
| 💻 Trading Platforms offered | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone offers competitive spreads that start from 0.0 pips on EUR/USD | There are restrictions on the countries that may use Pepperstone’s Islamic account |
| Pepperstone is well-regulated and offers an extremely secure trading environment with transparent trading fees | There is no BWP-denominated account offered, subjecting Botswanans to currency conversion fees |
| Investor protection is offered to EU clients through the FSCS | There are additional administrative fees applied to the Islamic account |
| Pepperstone offers a choice between some of the best trading platforms | |
| Negative balance protection is offered for clients in certain regions | |
| There is an Islamic account offered to Muslim traders | |
| There is a demo account offered by Pepperstone | |
| There are several trading tools offered |
3. HFM
Overview
HFM is a low-risk CFD and forex broker for Botswana traders with a trust score of 83% and an overall rating of 9/10 in terms of trading conditions, retail investor accounts, client fund security, and customer support.
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
CySEC, FCA, DFSA, FSCA, FSA, CMA
Trading Desk
MT4, MT5, HFM APP
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
0
Account Activation Time
24 Hours
HFM is well-regulated by several reputable entities and recently, HFM Investments Limited, a subsidiary of the brokerage company, has been given a license by the Capital Markets Authority (CMA) in Botswana.
HFM is a proud MetaTrader broker, offering both MetaTrader 4 and MetaTrader 5 trading platforms. HFM’s retail investor accounts are suitable for both novice and expert traders, as well as professional traders looking to get a competitive advantage in their trading.
Features
| Features | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, CMA, and FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| 💸 Minimum Withdrawal Time | – |
| 📈 Maximum Withdrawal Time | 2 to 4 working days |
| 💰 Instant Deposits/Withdrawals? | Yes, deposits |
| 💳 BWP-Denominated Account? | No |
| 📱 Minimum Deposit Amount | $0 / 0 BWP |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HFM is well-regulated and features registrations from several countries worldwide, which adds to its reputation and trustworthiness | HFM’s spreads are wide on entry-level accounts |
| HFM’s overall reputation and reach are unparalleled | HFM does not support a large array of deposit and withdrawal options |
| The HFM brand has won over 60 accolades in its field throughout the years | Botswanans pay currency conversion fee as there is no BWP-denominated trading account |
| HFM’s demo accounts for MT4 and MT5 are unrestricted | |
| Botswanan Muslim traders who prefer Islamic accounts can make the switch at any time | |
| Botswanans can choose an account that suits their trading strategy and experience level the best | |
| Traders have access to a plethora of learning materials and innovative trading platforms | |
| The versatility of the trading platforms means that more people in Botswana can make use of them, even if they do not have previous trading experience | |
| Botswanans pay an extremely low minimum deposit of 65 BWP, and the market circumstances are favourable for trading |
4. CM Trading
Overview
A South African online broker, CM Trading gives you access to numerous foreign exchange (Forex) pairings. You can obtain instant and simple access to the market from your computer, web browser, or mobile device.
Overall Rating
- 4.8/5
Min Deposit
USD100
Regulators
FSA
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
154
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
There is a wide variety of deposit and withdrawal options available on CM Trading; nevertheless, withdrawal timeframes are lengthy, and fees are steep. Furthermore, Botswanans would be dissatisfied to learn that CM Trading’s costs for BWP-based currency conversions are not disclosed.
Traders can deposit monies in EUR and USD using the CM Trading client interface. Clients that use currencies other than the US dollar, such as the Botswanan Pula, will have their margin calculated according to the exchange rate set by CM Trading.
Features
| Account Feature | Value |
| 💳 Minimum Deposit | $100 / 1 342 BWP |
| 📊 Demo Account | Yes |
| 📈 Educational materials | Yes, Trading eBook, Webinars |
| ✴️ Market Reviews | Yes |
| 📈 Spreads from | Regular spreads |
| 🔎 Live Trading Signals | No |
| 📊 Risk-Free Trades offered | No |
| 🎓 Personal Assistant offered? | No |
| 📈 Trading Central Trading Signals | No |
| 👨💼 Trading Central Live Trading Signals | No |
| 🚀 Cashback Rebates | No |
| 🔎 Access to ECN? | No |
| 📊 Market News and Analysis For Fundamental Analysis | No |
| 📈 Special Offers | No |
| Dedicated Trading Room | No |
| 📊 Trading specialist offering investment advice | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with a wide variety of financial instruments offered | An inactivity fee may apply to dormant accounts |
| Client capital is kept in segregated accounts with top tier-1 banks. | Both deposit fees and withdrawal fees are charged |
| Offers a wide range of trading tools that can be used | Competitive spreads, but not the lowest in the industry when compared to competitors |
| Supports several trading strategies including algorithmic trading, scalping, hedging, and more. | |
| There is a comprehensive proprietary trader platform offered along with third-party apps and platforms | |
| CM Trading accommodates the Botswanan market | |
| Reasonable minimum deposit requirements for account tiers | |
| CM Trading has a good reputation and a long-standing history as a CFD and forex provider |
5. FXTM
Overview
FXTM can be summarized as a credible and trusted broker that is very competitive in terms of its trading fees (against major currency pairs) and offer daily trading webinars. Their spread is also very low and is considered a low-risk trading environment. FXTM is considered safe as it is regulated by the FCA.
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
FXTM offers a Micro account, Advantage account, Advantage Plus account standard account, Cent Account, Shares Account, ECN, ECN Zero Account, and FXTM Pro Account.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Minimum Deposit | 134 Botswanan Pula equivalent to $10 |
| 💰 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| 🔎 Botswanan Pula-based Account? | Yes |
| 💳 BWP Deposits Allowed? | Yes |
| 💰 Bonuses for Botswanan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and a reputable broker that has gained a high level of trustworthiness | Inactivity fees apply when the retail investor account becomes dormant |
| Dedicated customer support offered for Botswanan traders Several deposit options and withdrawal methods offered | |
| There is a low minimum deposit requirement | |
| Commission-free trading is offered | |
| Deposit fees are not charged on any payment methods | |
| Withdrawal processing times are quick | |
| There are several educational tools offered | |
| There is an exclusive risk management tool offered |
6. XM
Overview
XM is considered low-risk, with an overall Trust Score of 90 out of 100. The broker is licensed by one Tier-1 Regulator (high trust), three Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). They offers four different retail trading accounts: a Micro Account, Standard Account, XM Ultra-Low Account, and a Shares Account.
Overall Rating
- 4.8/5
Min Deposit
USD 5 / 67 BWP
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Botswana’s retail investors choose four different account kinds, each tailored to the investor’s unique trading goals. Users may pick from a variety of live account options
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Botswanan Traders? | Yes |
| 💳 Minimum deposit (BWP) | $5 / 67 BWP |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:1000 |
| 👥 Customer Support | 24/5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Negative balance protection is applied to retail investor accounts | US clients are restricted from accessing XM’s trading services |
| There are several secure payment methods to choose from | There are no fixed spread accounts offered |
| The broker is known for low spreads, low commissions, and reliable trade execution speeds | There is an inactivity fee applied to dormant accounts |
| Traders can use hedging, scalping, and expert advisor trading strategies | |
| The broker offers personal customer service to its clients |
7. SuperForex
Overview
SuperForex is a dependable broker that fulfils all its clients’ trading needs in every way possible. Thanks to the availability of hundreds of various assets and the simplicity of the trading process, there is a platform and set of trading instruments accessible that can fulfil the demands of each type of trader.
Overall Rating
- 4.6/5
Min Deposit
USD 1 / 13 BWP
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
300
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Traders who open an account with SuperForex may select from various account types, giving them the flexibility to choose the one that best meets their requirements in terms of the experience required, the amount of cash to spend, and the trading style they want.
The broker can satisfy customers from various countries with various payment requirements by offering a comprehensive selection of effective, speedy, and straightforward payment solutions.
Features
| Features | Information |
| ⚖️ Regulation | None that could be verified |
| 💸 Minimum Withdrawal Time | Instant |
| 📈 Maximum Withdrawal Time | 2 to 4 working days |
| 💰 Instant Deposits/Withdrawals? | Yes, deposits |
| 💳 BWP-Denominated Account? | No |
| 📱 Minimum Deposit Amount | 13 BWP ($1) |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| At SuperForex, eleven retail accounts are offered, all of which are tailored to the unique needs of individual traders. | SuperForex is not regulated. |
| In addition to speedy, trustworthy transaction execution and cheap spreads, SuperForex has commission-free options. | There is no other platform other than SuperForex and MT4. |
| Muslims have access to Islamic trading accounts with no monthly maintenance fees. | SuperForex does not offer a BWP-denominated account. |
| Botswanans can quickly and easily deposit and withdraw monies from their accounts. |
8. LiteFinance
Overview
LiteFinance is a forex and CFD broker in operation since 2005. The trading conditions at LiteFinance include narrow spreads, social trading, and excellent execution speeds using its ECN network, which helps to guarantee low requotes.
LiteFinance is a licensed broker that provides its customers with easy internet market access. You can buy and sell numerous CFD products on the solid MetaTrader platforms, which are renowned for being easy, robust, smart, and suited for traders of all experience levels.
Overall Rating
- 4.5/5
Min Deposit
USD 50 / 669 BWP
Regulators
CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, Web-based
Crypto
Yes
Total Pairs
40
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
LiteFinance has two live account choices with modest minimum deposits of 50 USD each, making them accessible to novice traders.
In addition, the ECN Account offers narrow spreads (beginning at 0 pips on the EUR/USD) in exchange for a charge ranging from $10 to $30 per traded lot.
In contrast to the ECN account, the Classic Account is commission-free. However, spreads begin at 1.9 pips on the EUR/USD, larger than comparable brokers. In addition, you may pick from a range of account financing alternatives to make payments quickly and easily.
Features
| Feature | Information |
| ⚖️ Regulation | CySEC |
| ⚖️ CBN Regulation? | No |
| 📊 Trading Accounts | 2 |
| 📊 Trading Platform | MetaTrader 4, MetaTrader 5, LiteFinance Mobile Trading App |
| 💰 Minimum Deposit | 680 Botswanan Pula equivalent to $50 |
| 💰 Trading Assets | Forex, Precious Metals, Oil, Global Stock Indexes, CFD NYSE, CFD NASDAQ, CFD EURONEXT, CFD LONDON LSE, CFD XETRA, Cryptocurrencies |
| 🔎 Botswanan Pula-based Account? | No |
| 💳 BWP Deposits Allowed? | Yes |
| 💰 Bonuses for Botswanan traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✴️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| LiteFinance offers competitive trading conditions across both account types | LiteFinance is only regulated by one Tier-2 regulator |
| There is a decent and flexible selection of deposit and withdrawal options | The commission fees are expensive |
| Multilingual customer support is offered | There is a limited choice between trading accounts |
| There are educational materials offered to beginner traders | Currency conversion fees and inactivity fees apply |
| There is a demo account and an option for Islamic Accounts | |
| LiteFinance provides expert market analysis through Claws & Horns | |
| LiteFinance provides a social trading platform along with several strategy providers | |
| There is a broad selection of financial instruments that can be traded |
How to Choose the Right Forex Broker in Botswana
Botswanan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives or needs.
Regulations and Licenses
This is the first vital component that Botswanan traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others.
Botswanans must beware when dealing with brokers with only offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
Botswanans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits, among other trading and non-trading fees.
Range of Markets
The range of markets offered refers to the number and range of tradable instruments the broker offers. Therefore, Botswanans must consider what they wish to trade and what is available.
Customer Support
Customer Support is another crucial factor. Botswanans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
A trading platform is the Botswanan trader’s portal to the financial markets. Therefore, traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Botswana
In this article, we have listed the best brokers that offer forex trading to traders in Botswana. In addition, we have further identified the brokers that offer additional services and solutions to Botswanan traders.
Best MetaTrader 4 / MT4 Forex Broker in Botswana
Overall Rating
- 4.6/5
Min Deposit
USD 25
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, OctaFX is the best MT4 forex broker in Botswana. OctaFX is an MT4 and MT5 broker that provides Botswanans with various markets. OctaFX offers a choice of accounts via MT4, including ECN and STP accounts, with superior trade execution.
Best MetaTrader 5 / MT5 Forex Broker in Botswana
Overall Rating
- 4.9/5
Min Deposit
$100 / 1 342 BWP
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, AvaTrade is the best MetaTrader 5 forex broker in Botswana. In addition, AvaTrade is regarded as one of the most secure MT5 forex brokers.
No commission is charged for trading currency pairings, only leaving the spread to be paid. A demo account is also available for traders to sharpen their abilities via MT5 and several other platforms.
Best Forex Broker for beginners in Botswana
Overall Rating
- 4.1/5
Min Deposit
$100
Regulators
CFT, NFA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
50
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FOREX.com is the best forex broker for beginners in Botswana. FOREX.com is a broker renowned for low trading fees and beginner-friendly solutions. In addition, FOREX.com offers several educational materials and a helpful demo account.
Best Low Minimum Deposit Forex Broker in Botswana
Overall Rating
- 4.9/5
Min Deposit
$10 / 134 BWP
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MetaTrader 4 and MetaTrader 5
Total Pairs
107
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Exness is the best Low Minimum Deposit Forex Broker in Botswana. Exness has a minimum deposit requirement of 10 USD / 130 BWP, making it easy for Botswanans to start trading 278 instruments.
Exness also offers MT4 and MT5 through which trades can be made. In addition, it offers some of the best trading tools, charting capabilities, technical indicators, expert advisors, and more.
Best ECN Forex Broker in Botswana
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
CySEC, FCA, DFSA, FSCA, FSA, CMA
Trading Desk
MT4, MT5, HFM APP
Crypto
Yes
Total Pairs
50+
Islamic Account
Yes
Trading Fees
0
Account Activation Time
24 Hours
Overall, HFM is the best ECN forex broker in Botswana. HFM is a hybrid forex and CFD broker that uses STP and ECN technology to ensure that Botswanans get the best pricing, minimal slippage, no requotes, and the fastest trade execution.
HFM uses the best liquidity providers who aggregate the pricing that Botswanans can see on MT4, MT5, and the HF App for Android and iOS.
Best Islamic / Swap-Free Forex Broker in Botswana
Overall Rating
- 4.8/5
Min Deposit
USD 10 / 136 BWP
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, eToro is the best Islamic / Swap-Free forex broker in Botswana. eToro is a renowned social trading platform that offers Muslim traders an Islamic Account.
eToro does not charge any interest on positions held for over 24 hours. However, registering an Islamic Account can be expensive initially, requiring a 1,000 USD / 13,400 BWP deposit.
Best Forex Trading App in Botswana
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 BWP
Regulators
ASIC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, CMC Markets is the best forex trading app in Botswana. In addition, CMC Markets offers a user-friendly mobile app with research tools, powerful charts, customizable watch lists, news reports, and a range of educational materials.
Best Lowest Spread Forex Broker in Botswana
Overall Rating
- 4.6/5
Min Deposit
USD 0 / 0 BWP
Regulators
FCA, CySEC, IFSC, KNF
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, XTB is the best lowest-spread forex broker in Botswana. XTB is a well-known forex and CFD broker with low and competitive forex spreads from 0.1 pips depending on the financial instrument and the market conditions.
XTB is also a good broker in terms of educational materials and research capabilities, providing traders with comprehensive market analysis across markets.
Best Nasdaq 100 Forex Broker in Botswana
Overall Rating
- 4.6/5
Min Deposit
USD 10
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FXTM is the best Nasdaq 100 forex broker in Botswana. FXTM is a multi-regulated forex and CFD broker that accommodates Botswanan traders with a keen interest in Nasdaq. Traders can expect low and competitive spreads, a choice between accounts, and powerful trading platforms.
Best Volatility 75 / VIX 75 Forex Broker in Botswana
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 BWP
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, IG is Botswana’s best Volatility 75 / VIX 75 forex broker. IG is one of the best CFD brokers with powerful proprietary trading technology.
IG is well-regulated and offers Botswanans access to VIX75, with spreads from 0.04 pips / 0.13% and zero commission charges.
Best NDD Forex Broker in Botswana
Overall Rating
- 4.6/5
Min Deposit
USD 50 / 672 BWP
Regulators
FCA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, FXCM is the best NDD forex broker in Botswana. FXCM is a No-Dealing Desk broker with STP and ECN execution across several markets.
In addition, FXCM offers a choice between third-party platforms in addition to technical indicators, charting tools, and competitive trading conditions.
Best STP Forex Broker in Botswana
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
36
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overall, RoboForex is the best STP forex broker in Botswana. RoboForex is popular forex and CFD broker with competitive trading conditions. RoboForex offers STP execution with liquidity sourced from top providers.
Botswanans can expect access to over 12,000 instruments via powerful and innovative third-party platforms.
Best Sign-up Bonus Broker in Botswana
Overall Rating
- 4.7/5
Min Deposit
50 USD / 682 BWP
Regulators
CYSEC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
50
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overall, Windsor Brokers is the best sign-up bonus broker in Botswana. Windsor Brokers is a well-regulated broker that offers Botswanans a welcome account funded with 30 USD in trading credit. With this account, Botswanans can explore the platform or risk-free test their strategies.
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Conclusion
M-Pesa is a Kenya-based worldwide mobile banking service that enables users to store and transfer funds through the network. However, because M-Pesa does not cover a substantial fraction of Forex traders, few Forex brokers are interested in forming relationships with the firm.
However, despite this, there are a few options for Botswanan traders who want to use this affordable, trusted payment method.
Frequently Asked Questions
Does M-Pesa work in Botswana?
M-Pesa works in several countries worldwide, including Botswana.
Is M-Pesa safe?
M-Pesa provides a secure, quick, low-cost method of paying, receiving, transferring, and storing money. M-Pesa operates in real-time and digitally, making it quicker, cheaper, and safer than other informal money transfer services since each transaction is encrypted and signed with a PIN.
Can I use M-Pesa as a payment method with my broker?
Several reputable forex brokers have begun to accept M-Pesa deposits and withdrawals from traders in developing countries.
How does M-Pesa make money?
Revenue is derived from transaction fees collected by Safaricom through the agent during cash withdrawal and transfer activities.
Do I need a bank account in Botswanan to use M-Pesa?
A bank account is not required since M-Pesa is meant to assist people without access to financial services.
Which forex traders offer the best trading platforms for Botswanan traders?
- Exness
- Pepperstone
- HFM
Which brokers accepting M-PESA are best for beginner traders?
- Pepperstone
- XM
- Exness
Which brokers offer a sign-up bonus for first-time traders in Botswana?
- XM
- FXTM
- SuperForex
Which brokers offer a low minimum deposit of $5 (67 BWP) to start trading?
- XM
Which trading platforms offer a mobile app on IOS and Android for Botswana Traders?
- Exness
- Pepperstone
- HFM
- FXTM
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
